Coinbase's stock (COIN) advanced in the intraday levels after announcing plans to let go of 950 employees in a step to reduce costs, especially in the crypto sector, with severance package and other costs of the termination estimated at $163 million, with the stock tumbling 12.96% in the last session, or 4.96 points, settling at 43.23, with trading volumes surpassing 24.4 million shares, above 10-day averages of 13.6 million shares.
Technically, the stock is trying to regain some recent losses, touching the 50-day SMA, while retesting the resistance of 40.83, as the RSI reached overbought levels compared to the stock's movements.
Therefore we can expect the stock to return lower, targeting the support of 20.20, provided the resistance of 40.83 holds on.
Technically, the stock is trying to regain some recent losses, touching the 50-day SMA, while retesting the resistance of 40.83, as the RSI reached overbought levels compared to the stock's movements.
Therefore we can expect the stock to return lower, targeting the support of 20.20, provided the resistance of 40.83 holds on.